News

  • There’s a new addition to our monthly infographic! In an effort to raise the bar, we will now be including our team’s opinion of current market revenue figures for new construction of townhomes, condos and single family homes. We have focused on the two most active development areas of the Fraser Valley: South Surrey and Willoughby.

    Now back to regularly scheduled programming… May was another aggressive month of price increases in the Fraser Valley. The benchmark price of all three residential categories rose by approximately 3% month …

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  • By Kyle Dodman, Industrial Sales & Leasing, Frontline Real Estate Services Ltd.

    On May 17th, the City of Abbotsford hosted one of their first public events regarding the municipality’s Plan for 200k; Building the Hub of the Fraser Valley. This plan has been put in place to assess how the City of Abbotsford can grow into the “city of the future” with a population of 200,000 residents. The plan covers a variety of projects that act on the plans outlined in the updated Official Community Plan (OCP). The topic of the May 17th event was…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q1-2017 is now available. View the report here. The below is from a May 29, 2017 press release from UDI:

    New Multi-Family Housing Availability Falls Off a Cliff Across Metro Vancouver

    VANCOUVER, BC —Availability of new multi-family housing has reached historic lows with zero new townhomes completed and move-in ready in Vancouver, and only 16 townhomes and 15 condos ready for occupancy in the entire Metro region (Lower Mainland) at the end of March 2017. These startling find…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    On May 16th, the Township of Langley hosted an open house at the George Preston Rec Centre to showcase the draft OCP for Brookswood-Fernridge. The plan provides a high-level development guide for the undeveloped area of Brookswood-Fernridge with a variety of densities centred around two higher density nodes on 200 Street at 32nd and 24th Avenue, and cascading down towards the agricultural land reserve to the East.

    The key take-aways from the open house …

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  • Port Kells remains one of the most sought after industrial submarkets in suburban Metro Vancouver. Below, we consider what makes Port Kells so desirable, the impact of this popularity, and how Port Kells compares to other industrial submarkets in the Fraser Valley.
    PORT KELLS: THE PLACE TO BE
    Port Kells has some of the highest lease and sale prices in the Fraser Valley, this trend is justified due to Port Kells superior characteristics, including:

    LOCATION, LOCATION, LOCATION

    Adjacent to 4 major highways: Trans-Canada Highway (Highw…

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  • Total inventory for the Valley remains at all-time lows as we push further into a strong Spring market reminiscent of 2016.

    Prices continue to climb rapidly with the benchmark price of a detached home reaching a new 10 year high – even above the height of the market in 2016. Even the 17% increase in townhome listings couldn’t stop the benchmark price from increasing 3.2% over March 2017. Condos rose a similar 3.1%.

    Days on Market continued to fall in April, reaching levels not seen since September of 2016. Apart from June and July of …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    Andy Ramlo is the man behind Bob Rennie’s numbers and has a uniquely entertaining approach to the nerdy side of the real estate market. Ramlo, the Vice-President of Market Intelligence of the Rennie Group and Executive Director of the Urban Futures Institute, presented to a full house at a UDI luncheon in Vancouver on April 20th. Here are the key take-aways from his presentation:

    Signs point towards a tight spring market with continued upward pressure on …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The Township of Langley’s planning department, along with consultants from Modus, have been hard at work driving the public engagement portion of the OCP update process for Brookswood and Fernridge. Last night (April 12, 2017) they hosted the last of 9 public workshops aimed at collecting community input on housing design for the multi-family component of the new plan.

    The workshop attendees were split into small groups, each facilitated by a member of TO…

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  • Welcome Spring market! The key Fraser Valley real estate metrics in March have the month nearly on par with June of 2016, just before it reached its peak.

    Month over month, sales spiked in all three product categories while active listings increased less than 4% in all residential product categories and decreased by 1% in townhomes. The result is a sales to active listings ratio at or above 100% for multi-family product and detached homes shooting way into a seller’s market.

    The lack of supply and incredible demand pulled the average …

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  • The map below outlines the average selling price per acre of residential development land in each of the major development neighbourhoods in South Surrey for sales in 2016. It is worth noting that the average selling prices shown in the enclosed are of transactions over the course of 12 months. In a market that has generally been trending upward, there will be many properties that would outperform these averages if sold today.

    Accompanying the map are updates on the status of each neighbourhood, as the status greatly impacts the selling pri…

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  • 2016 was an extraordinary year for residential development land in South Surrey. The hot zones identified in our State of the Market Report this time last year saw over twice as much land sell than over the same period last year, keeping South Surrey firmly in the number 1 position as the hottest residential market in the Fraser Valley.

    By mapping all current development applications in South Surrey we are able to visually identify the areas with the highest concentration of future development. The green highlighted regions on the map below …

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  • This project profile, The Perfect Home for a Langley Lifestyle, first appeared on REW.ca on March 8, 2017.

    Over the past several years, first time home buyers, young families and those who love the outdoors, have been moving into Langley for its combination of urban sophistication and its rural, idyllic countryside.

    One of the most exciting revitalized neighbourhoods in Langley is Yorkson, which has a strong sense of community and connectivity, where people who live here really feel a sense of belonging, where neighbours know each ot…

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  • Is the market back in the Fraser Valley? It sure looks like it with the key metrics indicating we have reached the turning point.

    The benchmark price of a detached home in the Fraser Valley has been falling since August 2016. The decline has decelerated in recent months and in January that price decrease was down to 0.05%. The price increase in February is the first increase in over 6 months, marking what appears to be the official end of the decline.

    Sales are way up in all three product categories, month over month, despite only minimal…

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  • 2016 saw a substantial increase in industrial real estate activity in Abbotsford and Gloucester. Strata units, industrial zoned land and freestanding building sale prices all increased across the Fraser Valley, with lease rates also increasing in early 2017. There was a good level of absorption across all industrial product types, which means the majority of properties that came to market were sold/leased. The absorption and transaction volumes in both areas demonstrate the ever-increasing demand for industrial real estate in the eastern Frase…

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  • UDI Pacific’s ‘State of the Market’ quarterly publication for Q4-2016 is now available. View the report here. The below is from a February 20, 2017 press release from UDI:

    Only eight new townhome units were completed and available for purchase across the entire lower mainland region at the end of December, according to UDI’s latest fourth quarter State of the Market 2016 Research Report on population growth, new home sales and supply.

    “The report confirms that doing nothing, blaming foreign buyers, or introducing new, punitive taxes…

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  • 2017 Outlook: Optimism

    In Willoughby, demand remains incredibly strong for well-located land with a townhome or apartment land use designation. This demand exists as a function of the townhome and apartment markets maintaining strength despite a softening of the detached home market. We anticipate land prices to remain relatively flat for at least the first half of 2017 except in neighbourhoods where servicing challenges become resolved or where advances are made on the neighbourhood concept plan. For example, both the Williams and Smith nei…

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  • The Fraser Valley Real Estate Board’s statistics have been tallied for January and they confirm that it’s been a strong start to the year.

    The dramatic decrease in sales that we’ve seen since Spring 2016 has slowed considerably with a significant injection of inventory. Active listings of condos are up 28% while townhomes saw a 41% increase. Active listings of detached homes also saw the first meaningful increase (10%) in 6 months.

    Despite this injection of inventory, sales are still down very slightly month over month. We would hav…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    Over 1,200 UDI members packed a Hyatt Regency ballroom to hear this year’s forecast lunch presented by UDI Vancouver. Jon Stovell, President & CEO of Reliance Properties moderated a panel of development moguls including Andrew Grant of PCI Developments, Brian McCauley of Concert Properties and the ever-entertaining Eric Carlson of Anthem Properties.

    This time last year we were listening to UDI Vancouver’s panel of development experts forecast …

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  • This article Zetter Place merges country living with an ‘urban esthetic’ by Mary Frances Hill was originally published in The Province on January 19, 2017.

    Zetter Place
    Where: 8520 204th Street, Langley
    What: 82 townhomes at Yorkson Creek, Langley
    Residence sizes and prices: 1,232 — 1,978 square feet from $419,900 for A plan (two-bed-plus-den); from $489,900 for C plan (three-bed with side-by-side garage); from $599,900 for B plan (four-bed)
    Developer and builder: Lanstone Homes
    Sales centre: 8520 204th Street, Langley
    Hours…

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  • CMHC announced January 17th that it is increasing its homeowner mortgage loan insurance premiums effective March 17, 2017. Premiums will be changing as follows (courtesy of CMHC):

    “We do not expect the higher premiums to have a significant impact on the ability of Canadians to buy a home,” said Steven Mennill, Senior Vice-President, Insurance. “Overall, the changes will preserve competition in the mortgage loan insurance industry and contribute to financial stability.” CMHC regularly reviews its premiums and sets them at a level …

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  • The release of December’s stats package from the Fraser Valley Real Estate Board marked the end of a rollercoaster year in the Fraser Valley real estate market. Prices skyrocketed, a new tax was introduced without warning and mortgage rules were tightened, all while supply remains at historically low levels (its lowest point in over 10 years). The low supply is helping hold the townhome and condo markets firmly in a seller’s market while detached homes have nearly returned to a seller’s market since reaching a balanced point in Septembe…

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  • Starting in January 2017, the Province of BC is partnering with first-time homebuyers through the new BC HOME Partnership program. The program will offer eligible first-time homebuyers a down payment loan of up to 5% of the purchase price of a home, meeting the buyer’s contribution to a maximum purchase price of $750,000. The loan is interest-free and payment-free for the first five years. After five years, buyers can either repay their loan or enter into monthly payments at current interest rates. Loans through the program become due after 2…

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  • This article Contemporary design makes Zetter Place a standout by Simon Briault was originally published in the Vancouver Sun on December 16, 2016

    Zetter Place
    Project location: 8520 204th Street, Langley
    Project size: 82 townhomes, 1,232 — 1,978 square feet
    Prices: From $419,900 for A plan (two-bed plus den); from $489,900 for C plan (three-bed with side-by-side garage); from $599,900 for B plan (four-bed)
    Developer: Lanstone Homes
    Architect: Focus Architecture
    Interior designer: Area 3 Design
    Sales centre: 8520 204th Street, …

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  • November’s stats package from the Fraser Valley Real Estate Board shows benchmark prices for detached homes continue to drop while multifamily home prices remain sticky. Check out our curated summary in infographics below:

     

    Sources: Fraser Valley Real Estate Board (FVREB), Monthly Statistics Package, November 2016 (Published December 2)

     

     …

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    There was a smaller turnout than usual for the Township of Langley’s (TOL) open house on November 30th as they presented the Draft Smith Neighbourhood Plan.

    There are a number of noteworthy updates to the plan, since the last preferred land use plan was presented in April of this year. The updates are as follows, and shown on the land use map below:

    A density increase for the Single Family Residential designation from 4 UPA to 6 UPA in the areas gener…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    The Township of Langley continues to maintain promised timelines as they develop the neighbourhood plan for Williams, in Willoughby. On November 22nd, an open house showcased the draft preferred land use plan. The land use plan is the culmination of the two broad land use concepts presented to the community on June 14th (read our article on those concepts, here). This open house stands as the final round of community feedback collection on the land use plan, p…

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  • Frontline Real Estate Services Ltd. is pleased to announce the successful sale of a 15 property assembly totalling 14.48 acres in Tynehead, North Surrey. Watch the above video to learn more about the subject property and the transaction, which is the Fraser Valley’s largest land transaction of the year (based on all sales recorded on MLS/CLS and Commercial Edge as of October 27, 2016).

    PROPERTY HIGHLIGHTS:

    15 properties totaling 14.48 acres
    Build ready residential development site
    Sold with 3rd reading for 302 townhomes and 10 si…

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  • Sources: Fraser Valley Real Estate Board (FVREB), Monthly Statistics Package, October 2016 (Published November 2)…

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    An opening slide from Michael Ferreira’s much-anticipated presentation. Slide courtesy of  Urban Analytics and UDI.

    Another year down and another insightful market overview from a go-to authority on Metro Vancouver real estate market analysis, Michael Ferreira of Urban Analytics. UDI hosted over 700 guests on October 20, 2016 to hear Ferreira’s much-anticipated summary on the year past and the drivers that have created the current environment.

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  • By Mike Harrison, Land & Investment Sales, Frontline Real Estate Services Ltd.

    This year’s Mayor’s panel and municipal expo took place at the Langley Events Centre on October 13th. Organised by the Urban Development Institute’s Fraser Valley sector, the event hosted the usual suspects:

    Mayor Henry Braun, City of Abbotsford
    Mayor Ted Schaffer, City of Langley
    Mayor Jack Froese, Township of Langley
    Mayor Sharon Gaetz, City of Chilliwack
    Mayor Randy Hawes, District of Mission
    Councillor Bruce Hayne, City of Surrey
    Mayor …

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